Gensol Engineering's stock zooms 5% post securing deal worth Rs70cr for solar power projects of 24MWp capacity

18 Feb 2022 , 01:59 PM

In its press release on Friday, Gensol Engineering Ltd. announced that the company has clinched purchase orders worth Rs70 crore, exclusive of taxes, from reputed clients for the development of solar power projects aggregating to a capacity of around 24 MWp in Punjab and Madhya Pradesh.

The company stated that out of the total 24MWp, 17 MWp will be installed over metal-based roofs of the clients’ factories. Whereas, around 7 MWp will be raised above the ground within the premises of clients.

All these projects are for captive use of the clients and strive to cut down their dependence upon the grid and are expected to reduce emissions of 32928 Mt CO2 annually. All these projects will be commenced and completed within the next 6 months.

Following this update, Gensol Engineering hopped up by Rs12.35 or 5% to Rs259.45 against its previous closing price of Rs247.10. It touched day’s high and low of Rs259.45 and Rs240 respectively so far in today’s trade.